The collaboration seems to be designed to tackle a common problem in the insurance industry, according to a Business Insider report: Many insurers are stuck with outdated – but expensive – IT systems, and modernizing those systems would be a complicated and costly process. That means insurers have a hard time personalizing their products – something today’s customers expect.

The IBM Insurance Platform seems to be designed to combat those problems - it will minimize insurers’ infrastructure costs. Meanwhile, the program’s cognitive-computing and analytics capabilities will help insurers get the most out of their data.

However, the new platform could see slow adoption, Business Insider reported. Financial institutions in all sectors are still cautious about using the cloud for core operations.